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2009 SESSION
093090472Be it enacted by the General Assembly of Virginia:
1. That § 58.1-439.1 of the Code of Virginia is amended and reenacted as follows:
§ 58.1-439.1. Clean fuel vehicle and cellulosic biofuels job creation tax credit.
A. For taxable years beginning on or after January
1, 1996, through December 31, 2011, a corporation shall be eligible for a
credit against the tax levied pursuant to § 58.1-400 equal to $700 for each job
which is created in either (i) the manufacture of components for vehicles
designed to operate on a clean special fuel, (ii) the manufacture of components
used to convert vehicles designed to operate on gasoline or diesel fuel to
operate on clean special fuel, (iii) the conversion of vehicles designed to
operate on gasoline or diesel fuel to operate on clean special fuel, (iv) the
manufacture of vehicles designed to operate on clean special fuel, or (v) the
manufacture of components designed to produce, store, and dispense hydrogen as
a vehicle fuel. The credit shall be allowed in the taxable year in which the
job is created and in each of the two succeeding years in which the job is
continued.
B. For purposes of this section, "clean
special fuel" shall have the same meaning as provided in § 46.2-749.3 and
"vehicle" shall have the same meaning as provided in U.S. Internal
Revenue Code §§ 179A and 30.
C. For purposes of this section, "job"
shall mean the full-time employment of an individual in Virginia by a
corporation for at least forty hours per week during at least forty weeks
during the calendar year whose primary work activity is related directly to
either (i) the manufacture of the major components of the energy storage,
energy supply or engine, motor, and power train mechanisms unique to a vehicle
fueled by clean special fuels; (ii) the manufacture of components uniquely used
to convert vehicles designed to operate on gasoline or diesel fuel to operate
on clean special fuel; (iii) the conversion of vehicles designed to operate on
gasoline or diesel fuel to operate on clean special fuel; or (iv) the
manufacture of vehicles designed to operate on clean special fuel.
A. For purposes of this section:
"Cellulosic biofuels" means a renewable fuel derived from any cellulose, hemicellulose, or lignin that is derived from renewable biomass and meets all applicable American Society for Testing and Materials (ASTM) standards for use in vehicles on the highways of the Commonwealth.
"Clean special fuel" means any product or energy source used to propel a highway vehicle, the use of which, compared to conventional gasoline or reformulated gasoline, results in lower emissions of oxides of nitrogen, volatile organic compounds, carbon monoxide or particulates or any combination thereof. The term includes compressed natural gas, liquefied natural gas, liquefied petroleum gas, hydrogen, hythane (a combination of compressed natural gas and hydrogen), or electricity.
"Job" shall mean the full-time employment of an individual in Virginia by a corporation for at least 40 hours per week during at least 40 weeks during the calendar year whose primary work activity is related directly to any of the activities listed in subsection B.
"Vehicle" shall have the same meaning as provided in U.S. Internal Revenue Code §§ 179A and 30.
B. For taxable years beginning on or after January 1, 1996, through December 31, 2011, a corporation shall be eligible for a credit against the tax levied pursuant to § 58.1-400 equal to $700 for each job that is created in either (i) the manufacture of the major components of the energy storage, energy supply, or engine, motor, and power train mechanisms unique to a vehicle fueled by clean special fuels; (ii) the manufacture of components uniquely used to convert vehicles designed to operate on gasoline or diesel fuel to operate on clean special fuels or cellulosic biofuels; (iii) the conversion of vehicles designed to operate on gasoline or diesel fuel to operate on clean special fuels or cellulosic biofuels; (iv) the manufacture of vehicles designed to operate on clean special fuels; (v) the manufacture of components designed to produce, store, and dispense clean special fuels or cellulosic biofuels; or (vi) the production of cellulosic biofuels. The credit shall be allowed in the taxable year in which the job is created and in each of the two succeeding years in which the job is continued.
DC. To
qualify for the tax credit provided in subsection AB
of this section, a corporation must demonstrate (i) that a job was created
during the taxable year for which the credit is claimed or was continued from
the previous taxable year in which a credit was claimed and (ii) the employment
level in jobs defined in subsection CA
of this section in the taxable year for which the credit is first claimed has
increased in comparison to the previous taxable year.
ED. Any
tax credit not used in the taxable year of job creation or continuation may be
carried over for credit against the corporation's income tax in the five
succeeding taxable years until the total credit amount is used.
FE. In
case of a partnership or limited liability company, the credit shall be
allocated to the corporate partners or corporate members in proportion to their
ownership or interest in the partnership or limited liability company.
GF. A
corporation shall not be eligible for a tax credit pursuant to this section if
such corporation is allowed a major business facility job tax credit pursuant
to § 58.1-439.